Slides
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R & S Group H1 2026 Trading update Conference Call 5 August 2026 R & S We guarantee energy
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This presentation contains certain forward- looking statements. Such forward-looking statements reflect the current views of management and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, performance or achievements of the Group to differ materially from those expressed or implied herein. Although R&S Group is convinced that the forward-looking statements are based on reasonable assumptions, R&S Group cannot guarantee that these expectations will be realized. Should such risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation. R&S Group is providing the information in this presentation as of this date and does not undertake any obligation to update any forward- looking statements contained in it as a result of new information, future events or otherwise. Disclaimer 2
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Company representatives Matthias P. Weibel Group CFO Doris Rudischhauser Investor Relations Officer Eduardo Terzi Group CEO 3
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Table of contents 1. Welcome and introduction Eduardo Terzi, Group CEO 2. H1 2026 financial update Matthias P. Weibel, Group CFO 3. Outlook and conclusion Eduardo Terzi, Group CEO 4. Q&A Eduardo Terzi + Matthias Weibel 4
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Welcome and introduction
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Strategic investments on track Welcome and introduction 357.9 Order backlog +17.1 % 19.0 % EBITDA margin 1.2x Book to bill Confirmed Mid-term guidance based on solid outlook Highlights H1 2026 Strategic investments in power transformer capacity progressing as planned and capacity expansion for cast- resin transformers started. Build-out of commercial capabilities ongoing, supported by strengthening the sales set-up including Group-wide vertical sales management. Solid market environment despite temporary moderation in deliveries to parts of the utilities market. In CHF million 6
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Market environment and strategic progress Welcome and introduction Our order backlog provides evidence that the long-term demand environment for our products remains strong. While parts of the utility distribution transformer market are somewhat normalizing, the structural growth drivers of our industry have never been more compelling. Supported by our expansion investments in manufacturing capacity, operational excellence and our people, we are confident that R&S Group is well positioned for a stronger future. – Eduardo Terzi, Group CEO Capacity expansion continues Ongoing investment in both power transformer and dry-type transformer capacity. “ Broadening of sales mix Broadened customer base and stronger focus towards attractive applications and end markets. Oil distribution market normalizing Temporary moderation from high inventory levels and constrained installation capacity in utility oil distribution transformers market. Structural growth intact Long-term demand drivers for the industry remain compelling, underpinned by record order backlog. 7
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Recent commercial successes across Europe and the Middle East 8Welcome and introduction 400 oil-immersed transformers Tauron tender win, Poland 100+ → 150+ units / month at Bochnia Run-rate achieved – next expansion step CHF 3.7m+ cast-resin order DEWA tender, Dubai Oil-immersed distribution transformers Cast-resin transformers Tauron, Poland Tender win with one of Poland's largest energy groups – strong near-term production visibility Nordic utilities Rising order volumes; invited to next tender round of a large Swedish utility Bochnia scale-up Monthly output above 100 units; capacity expansion towards 150+ per month in preparation DEWA, Dubai Cast-resin order of over CHF 3.7 million as part of a DEWA tender Khazna “Stargate UAE” Frame agreement on a major AI data-center infrastructure project (Tesar, Italy) Sorgenia BESS, Italy Battery energy storage projects at Termoli and Lodi power plants Hamad Int’l Airport, Doha Transformer installation meeting new Kahramaa technical specifications Broad-based demand – utilities, data centers, storage and infrastructure – underpins near-term visibility and capacity expansion
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H1 2026 Financial update
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H1 2026 Financial update Key figures per 30 June 2026 in MCHF 10 HY 2026 reported HY 2025 reported HY 2025 adjusted 1 Change in reported figures MCHF MCHF MCHF in% Order intake 216.8 244.8 240.6 -11.4% Order backlog 357.9 305.7 305.2 17.1% Net sales 179.2 206.3 201.4 -13.1% EBITDA 34.0 43.9 43.3 -22.6% as % of Net sales 19.0% 21.3% 21.5% n.a. Free Cash Flow 11.5 5.2 5.2 121.0% as % of Net sales 6.4% 2.5% 2.6% n.a. Number of full-time equivalent employees 2 1'340 1'285 1'260 4.3% 1 Adjusted for the non-core electrical switches & connectors business, which was divested in December 2025. 2 Including already 101 full-time equivalent employees for the new power transformer plant in Łódź in 2026
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H1 2026 Financial update Order intake H1 2026 vs. prior year Adjusted Order Intake H1 2025 Adjusted Order Intake H1 2026 -1.4% -11.5% 11 6 2
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H1 2026 Financial update Net sales H1 2026 vs. prior year 12
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H1 2026 Financial update and outlook Half-yearly performance since 2024 MCHF 13
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14 EBITDA margin 19.0% H1 2026, on an unaudited basis ◎ Semi-annual Report 2026 to be published on 16 September 2026. Resilient profitability & solid cash generation Despite a temporary moderation in oil distribution transformer deliveries and build-up of workforce for new plant, profitability and cash generation remain solid – confirming the underlying strength of demand. FY2026 sales guidance for CHF 410 – 420 million Based on the existing backlog and our current assumptions for the upcoming months, we expect a stronger second half year. H1 2026 Financial update FY2026 sales guidance Next milestone
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Outlook and conclusion
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Continued profitable growth while investing for future capacity 16Outlook and conclusion Net sales growth EBITDA margin Dividend policy and leverage ▪ Mid-term organic growth rate in reporting currency CHF ▪ Structural demand supported by electrification, decarbonization, decentralization and grid renewal ▪ Bochnia ramp-up gradually and new Łódź plant supporting growth over the planning period ▪ Resilient profit margin profile ▪ Scale effects and operational improvements ▪ Investments in capabilities and new Łódź plant increase headcount costs in 2025-2026, but support future growth and competitiveness ▪ Capital expenditures aligned with growth plans ▪ Selective anorganic value-accretive investments to support company strategy ▪ Target leverage ratio around 1.0x Net Debt / LTM EBITDA ▪ Excess cash to be returned to shareholders 8%-12% 19%-21% of sales CHF 0.50 per share Mid-termoutlook * Commentary * 3-year rolling cycle
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Q&A
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Appendix
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Financial Calendar Semi-annual Report 2026 16 September 2026 Capital Markets Day, Łódź/PL 4 November 2026 Full-year Report 2026 1 April 2027 Annual General Meeting 2027 29 April 2027 Contact Investor and Media Relations Doris Rudischhauser Phone: +41 79 410 81 88 Email: investors@the-rsgroup.com Shareholder information Financial calendar | Contact 19